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The NFT marketplace will also enable parties to connect to their own digital asset wallets, including the GameStop Wallet, which was launched recently.
GameStop announced on July 11 that it has launched its non-fungible token (NFT) marketplace, which will allow creators, collectors, gamers, and other community members to buy, sell, and trade NFTs of virtual goods.
According to the announcement, Gamestop’s newly launched NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that allows parties to truly own their digital assets, which are represented and secured on the blockchain.
The latest development from Gamestop is reportedly a bid to turn around its business and reinvent its capital through consumer adoption of cryptocurrencies and blockchain technology. The NFT marketplace will also enable parties to connect to their own digital asset wallets, including the GameStop Wallet, which was launched recently.
The company also revealed in a press release that the platform is now open to the public for beta testing, with the marketplace’s functionality set to develop over time to include more categories, artists, and Ethereum contexts, such as Web3 gaming.
This is the latest attempt to invest in a digital future by Gamestop, which is currently led by investor and founder of Chewy, Ryan Cohen. The company is currently pursuing a turnaround after several years of financial struggles, “burdened in part by its massive real estate footprint and the video game industry’s rapid shift online.”
Cohen was brought in last year to lead the turnaround efforts and has so far hired a new group of business executives, including current CEO Matt Furlong, a former employee of Amazon, and Mike Recupero, a different former Amazon executive.
Even as its sales of hardware, software, and collectibles have increased, the gaming store has battled to contain losses in recent years that ultimately led it into the current crisis.
Just last week, the company fired Chief Financial Officer, Mike Recupero, along with laying off staff across departments as part of plans to freshen things up at the company. Recupero was reportedly “fired because he was not the right cultural fit” and was “too hands-off,” just a year after joining the company.
In an email sent to staff regarding last week’s layoff announcement, CEO Matt Furlong stated, “As noted last week, our leadership team is committed to profitably growing our commerce business and launching new products, including those developed by our blockchain team.” He added that “GameStop of the future has a unique opportunity to anticipate and meet an expanding range of customer demands and merge interests across our stores, web properties, and the virtual world.”
Speaking on the latest development, Furlong stated that the launch is a result of hard work on the part of the company’s blockchain group and many individuals across the organization. Furlong commended the company’s ability to form new partnerships with artists and creators, as well as technology partners including Loopring and Immutable, partly attributing it to the launch of the marketplace.